n 2023, Santiago and
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- Leroy and Amanda are married and have three dependent children. During the current year, they have the following income and expenses: Salaries 120,000 Interest income 45,000 Royalty income 27,000 Deductions for AGI 3,000 Deductions from AGI 9,000 a. What is Leroy and Amandas current year taxable income and income tax liability? b. Leroy and Amanda would like to lower their income tax. How much income tax will they save if they validly transfer 5,000 of the interest income to each of their children? Assume that the children have no other income and that they are entitled to a 1,050 standard deduction.Scott and Bonnue, married taxpayers, earn $258,000 in taxable income and $7,700 in interest from an investment in City of Tampa bonds. Using the 2023 U.S. tax rate schedule for married filing jointly, answer the following question regarding their tax rates. How much federal tax will the owe? Blank 1 Blank 1 Add your answern 2023, Santiago and Amy are married and file a joint tax return. They have three dependent children, ages 7, 14, and 21. All parties are U.S. citizens. The couple's AGI is $220, 800. Santiago and Amy's child tax credit for 2023 is $fill in the blank 1 and dependent tax credit is $fill in the blank 2
- Exercise 12-14 (LO. 4) Santiago and Amy are married and file a joint tax return. They have three children, ages 12, 14, and 18. All parties are U.S. citizens. Their AGI is $140,000. Determine any available child tax credit and dependent tax credit. Santiago and Amy's child tax credit for 2020 is $fill in the blank 1 and dependent tax credit is $fill in the blank 2Scott and Bonnue, married taxpayers, earn $258,000 in taxable income and $7.700 in interest from an investment in City of Tampa bonds. Using the 2023 U.S. tax rate schedule for married filing jointly, answer the following question regarding their tax rates. What is their effective tax rate? Blank 1 Blank 1 Add your answer
